NEW YORK — Subway's footlong sandwiches are getting a new price.
Beginning Aug. 26, all footlongs will cost $6.99, down from a high of as much as $14 in some markets, the food chain said Friday. It marks Subway's foray into the value menu wars as fast-food restaurants try to win back customers who say food prices are too high.
The offer, only available for purchases made through Subway's app or website with code "699FL," will end Sept. 8. Subway offers 22 different sandwich varieties, and customers can also create their own custom subs.
The move follows special summer menu rollouts from other fast-food chains that have struggled to grow sales and draw inflation-weary consumers into their stores and restaurants in recent months. In announcing the new footlong price, Subway acknowledged Americans' struggles with the rising cost of living and their heightened sensitivity to food prices.
"Today's diner is stretched more than ever, and too often that means a tradeoff on quality, variety or flavor to find an affordable meal," Subway North America president Doug Fry said in a statement.
Some consumers increasingly prefer to dine at home as restaurant prices have surged since the pandemic. According to government data, the cost of eating out has jumped 28% since January 2020, outpacing the overall inflation rate of 21% over the same period.
That's prompting some chains to cut their prices in an effort to lure diners back through their doors, such as McDonald's offering a limited-time $5 value meal in June. The fast-food giant's global sales slumped in the second quarter, marking the first decline since 2020. Management attributed the slowing foot traffic to low-income consumers paring their spending on food outside the home.
Other retailers, including Target, have also slashed prices on goods to draw cash-strapped customers back to grocery aisles. In Target's case, the move paid off: Its comparable sales rose for the first time in a year in the second quarter.